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TLDR
- RedStone oracles will provide Radix with real-time, accurate data feeds that are critical for the operation of new smart contracts and dApps on Radix that need off-ledger data.
- RedStone currently supports over $2.8 billion in value billions in assets, with over 1,000 data feeds across more than 100 DeFi platforms, including top projects like Morpho, Venus, Pendle, and Etherfi.
RedStone Oracles, one of the fastest-growing Oracle services in the industry, is integrating with Radix.
RedStone already secures billions of dollars worth of assets by supporting over 1,000 data feeds across 100+ DeFi platforms using their flexible, modular oracle design that is perfectly suited to support Radix’s expanding ecosystem.
This integration will provide Radix projects with real-time, reliable, and adaptable data feeds, empowering the next generation of DeFi builders. It significantly enhances Radix’s access to optimized data for DeFi applications.
What Are Blockchain Oracles?
A Blockchain Oracle is an external service that provides real-world/off-ledger data to a blockchain smart contract. Since Blockchains are closed systems and can’t access external data by themselves, oracles serve as a bridge between the Blockchain and the outside world. They enable smart contracts to interact with off-chain data, which is essential for executing certain conditions or automating decisions.
In DeFi, Oracles are crucial for providing accurate and timely data such as asset prices, which many DeFi applications rely on for lending, borrowing and trading.
Who Uses Oracles?
DeFi applications heavily rely on accurate oracle data feeds. Examples of DeFi apps supported by RedStone include Pendle, Morpho, Fraxlend, and Venus.
Other categories of blockchain applications that use oracles are CDP protocols like Liquity, leverage protocols like DeltaPrime, derivative protocols like GMX, yield protocols like Enzyme, and algorithmic stablecoins like Mento. Oracles are fundamental for the majority of blockchain applications.
There are many Oracle services currently available, all of which have their own unique advantages and disadvantages.
More about RedStone
Founded in 2021, RedStone Oracles has quickly established itself as a leading Oracle provider, specializing in delivering price feeds for yield-bearing collateral in DeFi. Its modular design allows it to continuously evolve to meet market demands by offering reliable, secure, and frequently updated data feeds, enabling DeFi platforms to innovate with accurate and cheap asset data.
Supporting over 1,000 use cases across more than 100 protocols, RedStone recently completed a $15M Series A funding round led by Arrington Capital. Its unique approach integrates both push and pull oracles across EVM and non-EVM chains. Trusted by top projects like Morpho, Venus, Pendle, and Etherfi, RedStone currently supports over $2.8 billion in value.
The Problems RedStone Solve
Data Provision is Inefficient and Expensive
The traditional approach to delivering data to dApps is both inefficient and costly. Data is typically 'pushed' onto the network on a fixed schedule, regardless of whether any application actually needs it. This leads to higher costs and wasted resources that could be allocated more effectively.
RedStone addresses this by providing data on-demand. Instead of constantly pushing data on-chain, RedStone stores cryptographically signed data off-chain and allows dApps to fetch it only when needed. This drastically reduces the costs associated with accessing on-chain data.
To ensure data integrity, RedStone also stores data on Arweave, a decentralized storage network. Arweave’s tamper-proof infrastructure provides an unbiased source of truth, ensuring the historical accuracy of RedStone’s data.
Monolithic Oracle Architecture Limits Scalability
One drawback of a monolithic architecture is that it makes it difficult for protocols to reduce latency and quickly list new assets.
Redstone addresses this challenge with a modular architecture. By designing the oracle in a way that its components—like data sources, validation mechanisms, and delivery methods—can be easily swapped, updated, or enhanced without disrupting the system, Redstone allows dApps to scale more efficiently.
This modular approach ensures that protocols can adapt quickly and improve performance.
RedStone Supported Price Feeds on Radix
Supported price feeds can be found here.